MBL Infrastructure Ltd.

•

mblinfra.comBSE: 533152NSE: MBLINFRA

Market Cap₹ 361 Cr.

Current Price

High / Low₹ 52 / 18

Stock P/E36.0

Book Value₹ 88

Price to Book0.21

Dividend Yield0.00 %

ROCE8.8 %

ROE0.7 %

Face Value₹ 10

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ABOUT

AI Sector View

AI GENERATED

Construction

Buy

Construction fundamentals are strong, led by government and infrastructure spending. Capital expenditure was up 66% YoY (2026-06), cement output grew 13.1% YoY (2026-07), and the sector also benefits from improving housing and GFCF conditions. FPI flows turned supportive with INR 1720 crore net inflow over 3 months to 2026-08-31 from INR -9439 crore in the prior 3 months, reinforcing the positive view.

Confidence

80%

View full sector analysis →

PROS

Promoters have been increasing their shareholding - up 5.7pp over 2 years
Latest quarter profit grew 27.0% YoY, showing strong momentum
Strong cash generation - operating cash flow backs reported profits (CFO/PAT 1.31x)
Working capital cycle has improved - days down from 667 to 436
Company generates healthy free cash flow

CONS

A large part of profit comes from other income (145.9% of PBT)
Company has a low return on equity of 1.7% over last 3 years
Company has a low return on capital employed of 8.8%
Interest coverage is weak at 1.5x - earnings barely cover interest
Company's sales have been declining over the last five years

* The pros and cons are machine generated based on quantitative rules.

Peer comparison

ConstructionInfrastructureEngineering - Construction

Part ofNIFTY 50 NIFTY 500 NIFTY LARGEMIDCAP 250 NIFTY 100 NIFTY 200

S.No.	Name
1.	LT	3989.15	33.08	548853.62	0.95	4988.03	15.51	67941.74	6.69	15.98	12.00
2.	RVNL	205.95	47.74	42940.99	0.34	159.52	18.73	4321.23	10.55	10.81	4.41
3.	KPIL	1410.25	21.19	24083.20	0.78	311.53	45.85	6407.97	3.84	18.95	8.77
4.	IRB	19.18	24.28	23165.60	1.36	3062.70	1412.58	21372.72	918.25	7.72	53.93
5.	CEMPRO	1234.85	35.26	21213.19	0.24	140.83	2.64	2720.92	7.02	33.53	10.09
6.	ENGINERSIN	276.40	19.81	15534.85	1.81	157.94	141.49	819.84	-5.80	30.94	20.61
7.	TECHNOE	969.70	26.16	11277.57	0.72	93.33	-31.44	630.34	19.84	14.86	15.79
8.	IRCON	118.30	21.25	11126.30	1.61	92.03	-43.92	1955.83	9.49	10.15	9.81
9.	KEC	407.85	19.61	10856.97	1.35	72.62	-41.72	5023.54	0.01	16.35	5.79
10.	AFCONS	284.95	72.43	10480.02	0.70	303.00	120.52	26710.00	692.49	12.88	9.42
11.	WELENT	741.55	33.58	10264.08	0.40	56.36	-44.29	773.72	-8.44	16.44	19.49
12.	MBLINFRA	23.18	36.02	361.33	0.00	-5.19	58.31	37.55	35.61	8.60	26.98

Detailed Comparison with:

Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	19	3	22	13	22	23	19	22	19	31	39	38	27
	50	30	54	37	51	58	42	25	44	56	45	33	25
Operating Profit	-31	-27	-32	-24	-30	45	-24	-2	-25	-26	-6	5	7
OPM %	-158.93%	-894.06%	-142.72%	-188.12%	-136.92%	196.71%	-126.90%	-10.83%	-136.78%	-84.03%	-14.05%	12.87%	25.24%
Other Income	34	31	35	28	33	41	32	11	35	35	14	54	18
Interest	1	1	0	0	1	2	6	5	6	6	5	5	5
Depreciation	1	1	1	1	1	1	1	1	1	1	1	1	1
	1	1	2	2	2	42	2	3	3	3	2	53	20
Tax %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	98.48%	80.91%
Net Profit	1	1	2	2	2	42	2	3	3	3	2	1	4
	0	0	0	0	0	4	0	0	0	0	0	0	0
Equity Capital	105	105	105	105	110	120	120	123	153	153	153	153	153
Reserves	0	0	0	0	0	0	0	0	0	0	0	0	0
Promoter Pledge %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026	TTM
	2,271	487	147	166	146	74	81	57	86	122	135
	2,259	455	205	213	76	63	54	38	26	28	160
Operating Profit	49	91	23	39	184	99	159	146	178	184	—
OPM %	2	19	16	23	126	133	196	255	208	150	—
Other Income	36	59	82	86	114	87	131	127	118	90	122
Interest	157	246	7	8	127	80	147	135	165	119	20
Depreciation	18	15	14	14	53	11	6	5	4	4	3
	-126	232	-282	301	5	7	6	7	49	62	78
Tax %	48	-3	15	-18	-1,779	-801	-5	0	0	85	87
Net Profit	-65	239	-241	354	93	64	6	7	49	9	10
EPS	0	0	0	34	9	6	1	1	4	1	—
Dividend Payout %	0	0	0	0	0	0	0	0	0	0	—
Minority Interest	0	0	0	0	0	0	0	0	0	0	0
Share of Associates	0	0	0	0	0	0	0	0	0	0	0
Adjusted EPS	-16	58	-23	34	9	6	1	1	4	1	—

COMPOUNDED SALES GROWTH

10 Years:: -25%
5 Years:: -4%
3 Years:: 15%

COMPOUNDED PROFIT GROWTH

10 Years:: -20%
5 Years:: -37%
3 Years:: 17%

STOCK PRICE CAGR

10 Years:: -9%
5 Years:: 4%
3 Years:: -2%
1 Year:: -41%

RETURN ON EQUITY

10 Years:: 5%
5 Years:: 2%
3 Years:: 2%
Last Year:: 1%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
LIABILITIES	-	-	-	-	-	-	-	-	-	-
Equity Capital	41	41	105	105	105	105	105	105	123	153
	617	857	615	970	1,063	1,127	1,133	1,139	1,203	1,212
	1,223	120	84	110	87	86	86	37	45	45
Trade Payables	120	42	58	53	52	43	7	2	3	3
	351	1,360	1,569	1,098	1,076	993	1,035	1,076	942	947
Total Liabilities	2,352	2,420	2,431	2,336	2,382	2,355	2,366	2,360	2,314	2,360
ASSETS	-	-	-	-	-	-	-	-	-	-
	159	145	130	116	64	53	46	42	38	34
	218	218	303	303	303	303	303	303	313	313
	25	6	6	6	4	4	3	2	1	1
	0	0	0	0	0	0	0	124	127	116
Cash & Bank	10	4	4	5	9	8	3	5	9	34
	1,939	2,046	1,988	1,906	2,003	1,988	2,011	1,883	1,827	1,862
Total Assets	2,352	2,420	2,431	2,336	2,382	2,355	2,366	2,360	2,314	2,360
Total Debt	1,353	815	965	805	791	785	785	740	686	730
Net Working Capital	-966	36	27	16	131	207	196	142	156	146
Contingent Liabilities	1,060	680	711	707	537	449	376	316	283	286
Book Value per Share	158.83	216.63	68.75	102.58	111.50	117.57	118.13	118.77	108.14	89.45
Face Value	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00	10.00

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
	-312	12	155	-123	4	2	-5	3	24	58
Cash from Investing	32	7	-85	-1	-0	-0	-0	-1	-10	-0
Cash from Financing	299	-3	-73	127	0	0	0	0	-10	-33
	19	16	-4	2	4	1	-5	2	4	25
Free Cash Flow	-312	12	155	-124	3	1	-5	3	24	58
OCF / Net Profit	4.79	0.05	-0.64	-0.35	0.04	0.02	-0.82	0.45	0.48	6.26
Cumulative 5-Year FCF	0	0	0	0	-265	48	31	-121	26	81

Ratios

Standalone Figures in Rs. Crores / View Consolidated

	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Mar 2025	Mar 2026
PER SHARE
EPS (₹)	-15.71	57.66	-23.03	33.82	8.91	6.07	0.55	0.63	3.98	0.61
Book Value (₹)	158.83	216.63	68.75	102.58	111.50	117.57	118.13	118.77	108.14	89.45
Dividend per Share (₹)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash EPS (₹)	-11.43	61.18	-21.64	35.19	13.93	7.12	1.16	1.10	4.34	0.84
PROFITABILITY
Operating Margin %	2.14%	18.66%	15.66%	23.36%	125.77%	132.90%	195.54%	34.25%	69.77%	76.84%
Net Margin %	-2.87%	49.11%	-164.47%	213.18%	63.78%	85.80%	7.13%	11.54%	57.02%	7.58%
ROE %	-9.38%	30.71%	-29.82%	39.48%	8.32%	5.30%	0.47%	0.53%	3.80%	0.69%
ROCE %	1.69%	25.69%	-16.20%	17.35%	6.85%	4.40%	7.56%	7.06%	10.69%	8.77%
	-2.83%	10.02%	-9.95%	14.87%	3.96%	2.68%	0.25%	0.28%	2.09%	0.40%
EFFICIENCY
Debtor Days	76	121	247	213	181	298	463	850	536	363
Inventory Days	61	12	15	13	12	18	15	15	6	3
Payable Days	29	772	441	912	513	872	486	177	200	149
	109	-639	-179	-687	-320	-555	-8	688	342	217
FINANCIAL HEALTH
Debt to Equity (x)	2.05x	0.91x	1.34x	0.75x	0.68x	0.64x	0.63x	0.59x	0.52x	0.54x
Interest Coverage (x)	0.20x	1.94x	-39.37x	37.95x	1.04x	1.09x	1.04x	1.05x	1.30x	1.52x
	0.40x	1.14x	1.11x	1.07x	1.79x	2.35x	2.25x	1.82x	2.03x	2.29x
GROWTH
Revenue Growth %	-1.86%	-78.57%	-69.87%	13.32%	-11.96%	-49.35%	9.74%	-29.39%	48.99%	42.94%
Operating Profit Growth %	-80.70%	87.01%	-74.70%	68.97%	374.10%	-46.48%	61.45%	-7.95%	21.28%	3.53%
Net Profit Growth %	-176.94%	466.93%	-200.93%	246.88%	-73.66%	-31.87%	-90.88%	14.32%	636.20%	-81.01%
	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.33%	529.37%	-84.74%
VALUATION
P/E (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	85.63x	11.39x	31.60x
P/B (x)	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.46x	0.42x	0.21x
Dividend Yield %	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	0.00x	8.89x	6.94x	5.38x

Shareholding Pattern

Numbers in percentages

	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
	68.85	71.45	71.45	69.74	74.01	74.01	74.01	74.57	74.57
	0.04	0.00	0.04	0.04	0.02	0.02	0.01	0.00	0.00
	0.00	0.00	0.54	0.53	0.43	0.43	0.00	0.42	0.42
Government	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
	31.11	28.55	27.97	29.68	25.54	25.54	25.98	25.01	25.01

Documents

Corporate disclosures, annual reports, credit ratings, and concall transcripts

2026-08-17

General Updates

2026-08-17 - MBL Infrastructure Limited has informed the Exchange about General Updates

2026-08-17

Copy of Newspaper Publication

2026-08-17 - MBL Infrastructure Limited has informed the Exchange about Copy of Newspaper Publication

2026-08-11

General Updates

2026-08-11 - MBL Infrastructure Limited has informed the Exchange about General Updates

2026-08-05

Reply to Clarification- Financial results

2026-08-05 - The Exchange had sought clarification from MBL Infrastructure Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company was required to clarify the following: The response of the Company is enclosed.

2026-07-31

Clarification - Financial Results

2026-07-31 - The Exchange has sought clarification from MBL Infrastructure Limited for the quarter ended 30-Jun-2026 with respect to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. On basis of above the Company is required to clarify the following: The response of the Company is awaited.

2026-07-28

Press Release

2026-07-28 - MBL Infrastructure Limited has informed the Exchange regarding a press release dated July 28, 2026, titled "Press Release".

2026-07-28

General Updates

2026-07-28 - MBL Infrastructure Limited has informed the Exchange about General Updates

2026-07-23

Outcome of Board Meeting

2026-07-23 - MBL Infrastructure Limited has submitted to the Exchange, the financial results for the period ended Jun 30, 2026.

2026-07-20

Certificate under SEBI (Depositories and Participants) Regulations, 2018

2026-07-20 - MBL Infrastructure Limited has informed the Exchange about Certificate under SEBI (Depositories and Participants) Regulations, 2018

News

Recent coverage and analyst commentary for MBLINFRA

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Free 5nance Account

Name

3989.15

33.08

548853.62

0.95

4988.03

15.51

67941.74

6.69

15.98

12.00

RVNL

205.95

47.74

42940.99

0.34

159.52

18.73

4321.23

10.55

10.81

4.41

KPIL

1410.25

21.19

24083.20

0.78

311.53

45.85

6407.97

3.84

18.95

8.77

IRB

19.18

24.28

23165.60

1.36

3062.70

1412.58

21372.72

918.25

7.72

53.93

CEMPRO

1234.85

35.26

21213.19

0.24

140.83

2.64

2720.92

7.02

33.53

10.09

ENGINERSIN

276.40

19.81

15534.85

1.81

157.94

141.49

819.84

-5.80

30.94

20.61

TECHNOE

969.70

26.16

11277.57

0.72

93.33

-31.44

630.34

19.84

14.86

15.79

IRCON

118.30

21.25

11126.30

1.61

92.03

-43.92

1955.83

9.49

10.15

9.81

KEC

407.85

19.61

10856.97

1.35

72.62

-41.72

5023.54

0.01

16.35

5.79

AFCONS

284.95

72.43

10480.02

0.70

303.00

120.52

26710.00

692.49

12.88

9.42

WELENT

741.55

33.58

10264.08

0.40

56.36

-44.29

773.72

-8.44

16.44

19.49

MBLINFRA

23.18

36.02

361.33

0.00

-5.19

58.31

37.55

35.61

8.60

26.98

Jun 2023

Sep 2023

Dec 2023

Mar 2024

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

Operating Profit

-31

-27

-32

-24

-30

-24

-2

-25

-26

-6

OPM %

-158.93%

-894.06%

-142.72%

-188.12%

-136.92%

196.71%

-126.90%

-10.83%

-136.78%

-84.03%

-14.05%

12.87%

25.24%

Other Income

Interest

Depreciation

Tax %

0.00%

98.48%

80.91%

Net Profit

Equity Capital

105

110

120

123

153

Reserves

Promoter Pledge %

0.00%

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

TTM

2,271

487

147

166

146

122

135

2,259

455

205

213

160

Operating Profit

184

159

146

178

184

—

OPM %

126

133

196

255

208

150

—

Other Income

114

131

127

118

122

Interest

157

246

127

147

135

165

119

Depreciation

-126

232

-282

301

Tax %

-3

-18

-1,779

-801

-5

Net Profit

-65

239

-241

354

EPS

—

Dividend Payout %

—

Minority Interest

Share of Associates

Adjusted EPS

-16

-23

—

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

LIABILITIES

Equity Capital

105

123

153

617

857

615

970

1,063

1,127

1,133

1,139

1,203

1,212

1,223

120

110

Trade Payables

120

351

1,360

1,569

1,098

1,076

993

1,035

1,076

942

947

Total Liabilities

2,352

2,420

2,431

2,336

2,382

2,355

2,366

2,360

2,314

2,360

ASSETS

159

145

130

116

218

303

313

124

127

116

Cash & Bank

1,939

2,046

1,988

1,906

2,003

1,988

2,011

1,883

1,827

1,862

Total Assets

2,352

2,420

2,431

2,336

2,382

2,355

2,366

2,360

2,314

2,360

Total Debt

1,353

815

965

805

791

785

740

686

730

Net Working Capital

-966

131

207

196

142

156

146

Contingent Liabilities

1,060

680

711

707

537

449

376

316

283

286

Book Value per Share

158.83

216.63

68.75

102.58

111.50

117.57

118.13

118.77

108.14

89.45

Face Value

10.00

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

-312

155

-123

-5

Cash from Investing

-85

-1

-0

-1

-10

-0

Cash from Financing

299

-3

-73

127

-10

-33

-4

-5

Free Cash Flow

-312

155

-124

-5

OCF / Net Profit

4.79

0.05

-0.64

-0.35

0.04

0.02

-0.82

0.45

0.48

6.26

Cumulative 5-Year FCF

-265

-121

Mar 2017

Mar 2018

Mar 2019

Mar 2020

Mar 2021

Mar 2022

Mar 2023

Mar 2024

Mar 2025

Mar 2026

PER SHARE

EPS (₹)

-15.71

57.66

-23.03

33.82

8.91

6.07

0.55

0.63

3.98

0.61

Book Value (₹)

158.83

216.63

68.75

102.58

111.50

117.57

118.13

118.77

108.14

89.45

Dividend per Share (₹)

0.00

Cash EPS (₹)

-11.43

61.18

-21.64

35.19

13.93

7.12

1.16

1.10

4.34

0.84

PROFITABILITY

Operating Margin %

2.14%

18.66%

15.66%

23.36%

125.77%

132.90%

195.54%

34.25%

69.77%

76.84%

Net Margin %

-2.87%

49.11%

-164.47%

213.18%

63.78%

85.80%

7.13%

11.54%

57.02%

7.58%

ROE %

-9.38%

30.71%

-29.82%

39.48%

8.32%

5.30%

0.47%

0.53%

3.80%

0.69%

ROCE %

1.69%

25.69%

-16.20%

17.35%

6.85%

4.40%

7.56%

7.06%

10.69%

8.77%

-2.83%

10.02%

-9.95%

14.87%

3.96%

2.68%

0.25%

0.28%

2.09%

0.40%

EFFICIENCY

Debtor Days

121

247

213

181

298

463

850

536

363

Inventory Days

Payable Days

772

441

912

513

872

486

177

200

149

109

-639

-179

-687

-320

-555

-8

688

342

217

FINANCIAL HEALTH

Debt to Equity (x)

2.05x

0.91x

1.34x

0.75x

0.68x

0.64x

0.63x

0.59x

0.52x

0.54x

Interest Coverage (x)

0.20x

1.94x

-39.37x

37.95x

1.04x

1.09x

1.04x

1.05x

1.30x

1.52x

0.40x

1.14x

1.11x

1.07x

1.79x

2.35x

2.25x

1.82x

2.03x

2.29x

GROWTH

Revenue Growth %

-1.86%

-78.57%

-69.87%

13.32%

-11.96%

-49.35%

9.74%

-29.39%

48.99%

42.94%

Operating Profit Growth %

-80.70%

87.01%

-74.70%

68.97%

374.10%

-46.48%

61.45%

-7.95%

21.28%

3.53%

Net Profit Growth %

-176.94%

466.93%

-200.93%

246.88%

-73.66%

-31.87%

-90.88%

14.32%

636.20%

-81.01%

0.00%

14.33%

529.37%

-84.74%

VALUATION

P/E (x)

0.00x

85.63x

11.39x

31.60x

P/B (x)

0.00x

0.46x

0.42x

0.21x

Dividend Yield %

0.00%

0.00x

8.89x

6.94x

5.38x

Jun 2024

Sep 2024

Dec 2024

Mar 2025

Jun 2025

Sep 2025

Dec 2025

Mar 2026

Jun 2026

68.85

71.45

69.74

74.01

74.57

0.04

0.00

0.04

0.02

0.01

0.00

0.54

0.53

0.43

0.00

0.42

Government

0.00

31.11

28.55

27.97

29.68

25.54

25.98

25.01

MBL Infrastructure Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

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MBL Infrastructure Ltd.

AI Sector View

Peer comparison

Quarterly Results

Profit & Loss

Balance Sheet

Corporate actions

Cash Flows

Ratios

Shareholding Pattern

Documents

News

Sign in to Chat with AI